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Projects

Project Summary
Annual improvements — 2012-2014 cycle The IASB's annual improvements project (for the 2012-2014 cycle), designed to provide a streamlined process for dealing efficiently with a collection of amendments to IFRSs. ED/2013/11 'Annual Improvements to IFRSs 2012–2014 Cycle' was published on 11 December 2013, with a comment deadline of 13 March 2014. Redeliberations are expected in the second quarter of 2014.
Annual improvements — 2013-2015 cycle The IASB's annual improvements project (for the 2013-2015 cycle), designed to provide a streamlined process for dealing efficiently with a collection of amendments to IFRSs. An exposure draft is expected in the third quarter of 2014.
Conceptual Framework — Comprehensive IASB project An IASB-only comprehensive project focusing on the elements of financial statements, measurement, reporting entity, presentation and disclosure. Discussion Paper DP/2013/1 'A Review of the Conceptual Framework for Financial Reporting' was published in July 2013 and an exposure draft is expected in the fourth quarter of 2014.
Disclosure initiative — IAS 1 amendments A narrow scope project to consider various amendments to IAS 1 'Presentation of Financial Statements', to address certain issues arising from the IASB's Disclosure Framework initiative. The IASB published Exposure Draft ED/2014/1 'Disclosure Initiative (Proposed amendments to IAS 1)' on 25 March 2014. Comments requested by 23 July 2014.
Disclosure initiative — Materiality This project seeks to help preparers, auditors and regulators use judgement when applying the concept of materiality in order to make financial reports more meaningful.
Disclosure initiative — Net debt A short-term project to address disclosures of net debt by amending IAS 7 'Statement of Cash Flows' to require the reconciliation of movements in components of financing activities (excluding equity movements) with the opening and closing statement of financial position, and other improvements. The IASB formally added this project to its agenda at its March 2014 meeting.
Earnings per share On hold. Originally a joint IASB-FASB project to converge the requirements for the calculation of earnings per share. This project is currently on hold pending an IASB staff review to develop a recommended course of action.
Financial instruments — Comprehensive project A multi-faceted joint IASB-FASB project to rewrite the requirements for accounting for financial instruments, consisting of a number of sub-projects.
Financial instruments — Impairment A joint IASB-FASB project to consider how impairment of financial assets should be measured and recognised. The IASB published Exposure Draft ED/2013/3 'Financial Instruments: Expected Credit Losses' on 7 March 2013, with a comment deadline of 5 July 2013. A finalised IFRS is expected in the second quarter of 2014.
Financial instruments — Limited reconsideration of IFRS 9 A project to consider making limited and targeted improvements to IFRS 9 'Financial Instruments'. The IASB published Exposure Draft ED/2012/4 'Classification and Measurement: Limited Amendments to IFRS 9 (proposed amendments to IFRS 9 (2010))' on 28 November 2012, with a comment deadline of 28 March 2013. Finalised amendments are expected in the second quarter of 2014.
Financial instruments — Macro hedge accounting A project to consider risk management strategies referring to open portfolios (macro hedging) which are not specifically covered by the IASB’s project on general hedge accounting. A Discussion Paper was published on 17 April 2014. Comments requested by 17 October 2014.
Government grants On hold. Originally a project to reconsider the requirements for government grant accounting. This project is currently on hold pending an IASB staff review to develop a recommended course of action.
IAS 1 — Classification of liabilities This project seeks to develop a more general approach to the classification of liabilities under IAS 1 'Presentation of Financial Statements', which is based on the contractual arrangements in place at the reporting date. An exposure draft is expected in the third quarter of 2014.
IAS 1 — Disclosures about going concern A narrow scope project to clarify the disclosure requirements about the assessment of going concern in IAS 1 'Presentation of Financial Statements'. An exposure draft is expected in the first quarter of 2014.
IAS 12 — Recognition of deferred tax assets for unrealised losses A narrow scope project to clarify the accounting for deferred tax assets for unrealised losses. An exposure draft is expected in the second quarter of 2014.
IAS 16/IAS 38 — Acceptable methods of depreciation and amortisation A project to amend IAS 16 and IAS 38 to clarify the meaning of the term 'consumption of the expected future economic benefits embodied in the asset' when determining an appropriate depreciation or amortisation method. The IASB published Exposure Draft ED/2012/5 'Clarification of Acceptable Methods of Depreciation and Amortisation' on 4 December 2012, and finalised amendments are expected in the first quarter of 2014.
IAS 27 — Equity method in separate financial statements A project to consider the restoring of the option to use the equity method of accounting in the separate financial statements of an investor, and to clarify some matters related to balances with subsidiaries and joint arrangements. ED/2013/10 'Equity Method in Separate Financial Statements (Proposed amendments to IAS 27)' was published on 2 December 2013, with a comment deadline of 3 February 2014. Redeliberations are expected in the second quarter of 2014.
IAS 28 — Elimination of gains arising from 'downstream' transactions A narrow scope project to amend IAS 28 'Investments in Associates and Joint Ventures' (2011) to clarify that an eliminated gain on a downstream transaction with an associate or joint venture that exceeds the carrying amount of the entity’s investment in the entity should be presented as a deferred gain. An exposure draft is expected in the second quarter of 2014.
IAS 28 — Reflecting other net asset changes when applying the equity method of accounting A project to provide guidance on whether and where an investor should account for its share of the changes in the net assets of the associate that are not recognised in profit or loss or other comprehensive income (OCI) of the associate (i.e. ‘other net asset changes’). The IASB published Exposure Draft ED/2012/3 'Equity Method: Share of Other Net Asset Changes' on 22 November 2012. Finalised amendments are expected in the second quarter of 2014.
IAS 32 — Put options over non-controlling interests (NCIs) A project to determine how an entity should account for changes in the carrying amount of financial liability for a written put option over a non-controlling interest (NCI). Draft Interpretation DI/2012/2 'Put Options Written on Non-controlling Interests' was released on 31 May 2012 . The IASB subsequently decided to recommend that the Committee not finalise the draft Interpretation and instead the IASB will now undertake a narrow scope amendment to IAS 32. Next steps in the project will be determined in the second quarter of 2014.
IAS 41 — Bearer biological assets A limited scope project to consider an amendment to IAS 41 'Agriculture' in relation to bearer biological assets, as to whether these assets would be better accounted for under IAS 16 'Property, Plant and Equipment' rather than using the fair value measurement approach prescribed by IAS 41. Finalised amendments are expected in the second quarter of 2014.
IASB-FASB convergence An overarching joint IASB-FASB project designed to eliminate a variety of differences between IFRS and US GAAP.
IFRS 2 — Entity termination of an employee's employment An IFRS Interpretations Committee project considering the accounting treatment in IFRS 2 'Share-based Payment' of share-based payment awards when the entity terminates the employment of an employee.
IFRS 2 — Vesting and non-vesting conditions A project to clarify the definition of 'vesting conditions' and 'non-vesting conditions' in IFRS 2 'Share-based Payments'.
IFRS 5 — Definition of 'discontinued operations' On hold. Originally a joint IASB-FASB project to develop a common definition of, and common disclosures about, discontinued operations. This project is currently on hold pending an IASB staff review to develop a recommended course of action.
IFRS 10/IAS 28 — Investment entity amendments This narrow scope project involves a number of potential amendments to IFRS 10 'Consolidated Financial Statements' and IAS 28 'Investments in Associates and Joint Ventures' (2011) to address issues that have arisen in relation to the exemption from consolidation for investment entities. An exposure draft is expected in the second quarter of 2014.
IFRS 10/IAS 28 — Sales or contributions of assets between an investor and its associate/joint venture A project to eliminate the apparent conflict between IAS 28 'Investments in Associates and Joint Ventures' and IFRS 10 'Consolidated Financial Statements' in relation to sales or contributions of assets between an investor and its associate/joint venture. The IASB published ED/2012/6 'Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture' on 13 December 2012, and finalised amendments are expected in the second quarter of 2014.
IFRS 11 — Acquisition of an interest in a joint operation A project to amend IFRS 11 'Joint Arrangements' to add guidance on how to account for the acquisition of an interest in a joint operation that is a business by applying the relevant principles for business combinations in IFRS 3 'Business Combinations' and other IFRSs. ED/2012/7 'Acquisition of an Interest in a Joint Operation' was published on 13 December 2012. Finalised amendments are expected in the second quarter of 2014.
IFRS 13 — Unit of account A project to consider the unit of account for financial assets that are investments in subsidiaries, joint ventures and associates measured at fair value. An exposure draft is expected in the second quarter of 2014.
IFRS for SMEs — Comprehensive review 2012-2014 A project to undertake a review of the IFRS for SMEs to assess the first two years’ of experience that entities have had in applying the standard. Exposure Draft ED/2013/9 'Proposed amendments to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)' was published on 3 October 2013, with a comment deadline of 3 March 2014.
IFRS Interpretations Committee agenda discussions The IFRS Interpretations Committee does not take all matters referred to it onto its agenda for resolution. This project page provides a summary of Committee discussions where the issues are not taken onto the Committee agenda.
Impairment of assets This project is currently inactive. Initiated as a joint IASB-FASB project to develop a common approach to the impairment of assets.
Insurance contracts — Comprehensive project A major project to develop a comprehensive, high-quality standard that will address recognition, measurement, presentation and disclosure requirements for insurance contracts. A targeted revised exposure draft ED/2013/7 'Insurance Contracts' was published on 20 June 2013. Redeliberations are expected in the first quarter of 2014.
Leases This joint IASB-FASB project seeks to improve the accounting for leases by developing an approach that is more consistent with the conceptual framework definitions of assets and liabilities. A re-exposure of the proposals was published on 16 May 2013, with a comment deadline of 13 September 2013. Redeliberations are expected to commence in the first quarter of 2014.
Post-implementation review — IFRS 3 A post-implementation review of IFRS 3 'Business Combinations' to review important issues identified as contentious and to consider any unexpected costs or implementation problems encountered. The IASB issued Request for Information 'Post-implementation Review: IFRS 3 Business Combinations' on 30 January 2014, with a comment deadline of 30 May 2014. Public consultation is expected in the second quarter of 2014.
Rate-regulated activities An IASB project to consider whether IFRSs should require entities operating in rate-regulated environments to recognise assets and liabilities arising from the effects of rate regulation. An interim standard, IFRS 14 'Regulatory Deferral Accounts', was issued on 30 January 2014. A Request for Information on the comprehensive project was published on 28 March 2013, and is to be followed by a Discussion Paper in the second quarter of 2014.
Revenue recognition A joint IASB-FASB project to clarify the principles for recognising revenue and to develop a common revenue standard for IFRS and US GAAP. The IASB released a revised exposure draft, ED/2011/6 'Revenue from Contracts with Customers' in November 2011. A finalised IFRS is expected in the second quarter of 2014.